Employees need to know how to access resources, navigate their options, and take full advantage of what’s offered. Well-communicated benefits programs encourage participation, boost engagement, and create a culture where employees feel supported in all aspects of their wellbeing. To achieve this, organizations must be transparent, use multiple communication channels, and tailor messages to meet the diverse needs of their workforce. Without effective communication, even the most comprehensive benefits program will struggle to make a lasting impact.

Managing health care costs while planning for the future

The rising cost of health care is one of the most pressing concerns for employees today. Not only do employees need access to comprehensive health care coverage, but they also need the tools and resources to manage rising costs over time.

Offering a comprehensive benefits package that includes preventive care programs, wellness initiatives, and financial wellbeing services enables employees to feel empowered and supported in all physical and mental health dimensions. This holistic approach ensures they receive assistance in every aspect of their wellbeing, promoting a healthier and more engaged workforce.

By simultaneously tackling health care costs and long-term savings needs, employers can make a tangible difference in improving employee financial health and reducing the strain caused by rising medical expenses.

Health Savings Account: a dual-purpose tool for health and retirement

One of the most effective resources for enhancing employees' short- and long-term physical and financial wellbeing is the Health Savings Account (HSA). For many, an HSA is a practical solution for managing immediate health care expenses. However, its potential as a retirement savings option is often overlooked and underestimated.

With the ability to carry over unused funds from year to year and the unique triple tax advantages* that include tax deductions, tax-free growth, and tax-free withdrawals for qualified medical expenses, HSAs can be an invaluable asset in employees’ financial planning. When used effectively, HSAs allow employees to build a significant health care nest egg that can help manage medical costs in retirement and reduce reliance on other savings resources. By encouraging employees to maximize the benefits of HSAs, employers can play a crucial role in bolstering their employees’ financial security for the future while addressing their health care needs today.

Related: Rising health care costs and the toll on employee wellbeing 

Supporting employees’ financial health: reducing stress and building confidence

Financial wellbeing is essential to any comprehensive wellbeing program, as it directly influences employees' economic security and mental health.

When employees have access to resources that help them manage their finances, such as retirement planning tools, debt management support, or financial literacy programs, they gain a sense of control and confidence in their financial future.

Financial wellbeing extends beyond just managing money; it also plays a pivotal role in reducing the stress that often comes with economic uncertainty. By providing employees with the tools, education, and support they need to make informed financial decisions, organizations help improve their employees' financial health and alleviate the emotional burden of financial worry.

The power of integration for both employees and employers

The role of integrated benefits and the future of wellbeing will depend on how we drive this transformation forward as professionals in the field. By offering employees a comprehensive benefits package, organizations can cultivate a culture of care that enhances physical, social, mental, and financial health outcomes while boosting employee engagement, retention, and productivity.

Five steps to start today

1. Conduct a comprehensive needs assessment. Use employee surveys, focus groups, or one-on-one interviews to understand which benefits employees use and what they feel is missing.
2. Leverage HSAs for dual benefits. Provide educational resources and communication campaigns highlighting how HSAs can enhance other retirement savings plans while meeting immediate health needs.
3. Integrate financial wellbeing into your benefits package. Partner with financial wellness vendors to offer tools like budgeting assistance, debt management resources, and personalized financial coaching. Also, consider integrating retirement planning workshops or one-on-one sessions to help employees align with their short- and long-term financial goals.
4. Build clear and ongoing communication channels. Share the value and details of your integrated wellbeing programs through multiple channels, including email, intranet, webinars, and one-on-one consultations.
5. Partner with a full-service benefits brokerage. To successfully integrate benefit offerings, it is essential to collaborate with a brokerage that has expertise in both health and financial services. This partnership will help you navigate the intricate regulatory environment, maintain compliance with legal and privacy standards, and create a benefits strategy that aligns with your organizational goals and supports employee wellbeing.

Achieving this vision requires a strategic, thoughtful approach that combines clear communication, the right mix of benefits, and the expertise of benefits professionals to ensure that programs are implemented successfully and compliantly. Integrated wellbeing programs are not just a benefit to employees; they are a business strategy that creates lasting value for employers and employees.

Rich Cordova, Midwest Retirement Practice Leader at Marsh McLennan Agency

*The information provided herein is general in nature. It is not intended, nor should it be construed, as legal or tax advice. Because the administration of an HSA is a taxpayer responsibility, you are strongly encouraged to consult your tax advisor before opening an HSA. You are also encouraged to review information available from the Internal Revenue Service (IRS) for taxpayers, which can be found on the IRS website at IRS.gov. You can find IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, and IRS Publication 502, Medical and Dental Expenses, online, or you can call the IRS to request a copy of each at 800-829-3676. MMA does not determine what is a qualified medical expense. We recommend consulting the IRS's guide in Publication 502 to see what's qualified and what isn't.

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